5 Year Fixed 3.74%

5 Year Variable 3.15%

What will I need for my mortgage application

There are a number of items we will need to provide to the lender as part of your approval. Depending on your current situation, we may need other information; these are the most common requirements.

Proof of income

Salaried employees:A paystub dated within the last 30 days. A letter from your employer on letterhead indicating that you are full time permanent and your current salary.

Commission income/Part-time employees/self employed: A copy of your last 2 years’ Notice of Assessments from CRA. Often we will also require a copy of your last 2 years’ T1 General Tax Returns. For self employed individuals we will often also require a copy of your Master Business Licence or another document showing your business name and existence such as an HST statement.

Proof of down payment

Own resources or savings: Three months history on the savings/investment accounts/RRSP accounts that you are using for your down payment.

Gifted down payment: You will require a gift letter signed by the person gifting you the money indicating the funds are a gift and no repayment is required. Most lenders have a specific letter that they want you to use - we will provide you with that letter.

Sale of an existing property: We will require the firm purchase and sale agreement for the property being sold. We will also require a mortgage statement on that property so that the lender is able to determine the proceeds that you will receive from the sale.

Rental Properties

If you currently hold rental properties, we will require the following: A current mortgage statement for each rental. A current lease from each rental.

Other

A void cheque from the account that you want the funds to come from. Picture identification. If you have a current mortgage on another property, you will require a current statement of that mortgage. The name of the lawyer you will be using to complete the purchase. If you do not currently work with a lawyer, your Mortgage Brokers Ottawa Agent would be happy to provide you with some choices.